Aug 14, 2008

San Miguel Corp, South-east Asia's biggest food and beverage company, disclosed its half-year results to the Philippine Stock Exchange, with total income at PHP19.7 billion.

The company's total revenues went up by 9 percent to PHP79.8 billion. Feeds delivered "solid performance" while higher live pig market prices allowed SMPF-Vietnam's piggery operations to post significant improvement..

The end-June profit was 199 percent higher than in the same period a year ago. Profit growth boosters included savings of PHP5.67 billion from discontinued operations in the first quarter, non-recurring gains from San Miguel Brewery Inc.'s initial public offering and the sale of San Miguel's stake in KSA Realty.

During the period, the company's consolidated operating income increased by 28 percent to PHP8.21 billion on-year. Profit from continuing operations during the period was significantly higher at PHP14.5 billion than last year.

Feeds and poultry delivered solid performances. The Food Group's income from operations ended at PHP1.26 billion, 7 percent higher than last year on account of stronger poultry volumes and contained fixed operating expenses.

US$1 = PHP44.975 as of August 14, 2008